General Electric and CEO Immelt Face Charges of Hypocrisy
General Electric (NYSE:GE) has encouraged attacks by conservatives by aligning itself with the Obama administration. Concerns about the controversy over trivial tax payments and business attempts in China (NYSE:FXI) have added to the backlash. For fear of showing weakness, GE has said little in response.
According to Robbie Vorhaus, a corporate communications consultant, “If GE (NYSE:GE) comes back and starts complaining and whining, all they are doing is demonstrating weakness. They would be simply making the tea party out to be a bigger force.” With nearly 150 million dollars in revenue last year alone, paltry tax payments, receiving green-energy project stimulus monies, moving jobs over seas by a venture with China, GE has opened the pathway for criticism.
“The president’s request also sparked a “spirited discussion” among some GE (NYSE:GE) directors, who debated whether CEO Jeff Immelt should join the council and the potential political fallout. “In the end, Mr. Immelt said he joined the council of 27 CEOs because he felt he needed to respond to a president’s request,” according to The Wall Street Journal.